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Committee hears SB 343 to save excess coal-trust receipts for future infrastructure
Summary
Senate Bill 343 would direct excess coal-trust receipts into a long-term trust starting in 2027 to finance future infrastructure; sponsor Sen. Dave Fern and informational witnesses from Commerce, DNRC and Revenue described the proposal as a modest, multiyear savings plan.
Sen. Dave Fern introduced Senate Bill 343 to the Senate Finance and Claims Committee as a proposal to deposit excess coal-trust revenues into a dedicated trust beginning in 2027, with the stated goal of saving for long-term infrastructure and producing future interest returns.
Fern told the committee the measure is intended to preserve revenue that might otherwise be swept into the general fund and described the plan as gradual: "it doesn't start until 2027," he said, asking for time to work out details and calling it a mechanism to "put some revenues into a savings account for the next generations." Informational witnesses — including Mandy Rambo (Dept. of Commerce), Mark Bostrom (DNRC) and Omar Cortez (Department of Revenue tax policy) — appeared to answer technical questions and to explain their portions of the fiscal note.
Committee members asked for comparisons to other states with larger sovereign or mineral trust funds and discussed governance choices that affect long-term fund growth. Fern cited examples such as Wyoming and New Mexico and noted differences in scale and investment rules. He asked the committee for support to move the concept forward, arguing the trust would create a multiplier effect over decades.
Ending: After questioning and the sponsor's brief closing, the committee closed the SB 343 hearing and moved on to scheduling and adjournment items.
